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Chinese Crude Imports Rise in May but Fall Well Short of March Pace

OIL

It remains to be seen if weaker economic data out of China results in weaker crude imports due to the lag effect between the data and consumption.

  • The manufacturing indicator, the official Purchasing Managers' Index (PMI), dropped to a five-month low of 48.8 points in May, the NBS said on Wednesday.
  • The news gave crude a downward trajectory yesterday before staging a recovery – helped by positive signs of recovery in debt ceiling talks in the US.
  • Crude oil imports are expected by Refinitiv Oil Research to come in at 11.22 million bpd, which would be up from the 10.36 million bpd in April and down from the 34-month high of 12.37 million bpd in March.
  • Falling prices may cover up weaker demand in China if it looks to stock up on cheap volumes in the expectation for market tightness later in the year, especially if OPEC+ extend cuts this weekend.
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